Wednesday, March 23, 2016

Black Knight's First Look at February Mortgage Data: Delinquency rate lowest since April 2007

by Bill McBride on 3/23/2016 12:01:00 AM

From Black Knight: Black Knight Financial Services’ First Look at February Mortgage Data: Delinquencies Fully Recover from January Spike, Hit Lowest Level Since April 2007

• Delinquency rate down 13 percent month-over-month; down nearly 16 percent year-over-year

• Total non-current inventory falls below 3 million for the first time in over eight years
According to Black Knight's First Look report for February, the percent of loans delinquent decreased 12.6% in February compared to January, and declined 15.9% year-over-year.

The percent of loans in the foreclosure process declined 0.6% in February and were down 24.6% over the last year.

Black Knight reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) was 4.45% in February, down from 5.09% in January.  This is the lowest delinquency rate since April 2007.

The percent of loans in the foreclosure process declined slightly in February to 1.30%.

The number of delinquent properties, but not in foreclosure, is down 419,000 properties year-over-year, and the number of properties in the foreclosure process is down 211,000 properties year-over-year.

Black Knight will release the complete mortgage monitor for February on April 4th.

Black Knight: Percent Loans Delinquent and in Foreclosure Process
  Feb
2016
Jan
2016
Feb
2015
Feb
2014
Delinquent4.45%5.09%5.30%5.94%
In Foreclosure1.30%1.30%1.72%2.30%
Number of properties:
Number of properties that are delinquent, but not in foreclosure:2,252,0002,575,0002,671,0002,994,000
Number of properties in foreclosure pre-sale inventory:655,000659,000866,0001,156,000
Total Properties2,907,0003,234,0003,537,0004,150,000